MILAN/SAO PAULO, Oct 23 (Reuters) - Telecom Italia is in advanced talks to sell the mobile phone towers of its Brazilian unit TIM Participacoes and could ink a deal in weeks, three people with direct knowledge of the situation told Reuters.
Telecom Italia is aiming to raise 900 million euros ($1.1 billion) from the sale but the bids have come in at 500-600 million euros, the sources said.
Telecom Italia's chief executive, Marco Patuano, put the Brazilian towers up for sale in November when he unveiled a 4-billion-euro plan to cut debt and help fund much-needed investments.
One of the sources said American Tower Corp and Cell Site Solutions (CSS), a company backed by Goldman Sachs, were left in the race, adding a deal could see the asset being split between them.
Telecom Italia, American Tower and CSS declined to comment. (Reporting by Danilo Masoni and Guillermo Parra Bernal, additional reporting by Silvia Aloisi, editing by Stephen Jewkes)